VVF invests $5 million in Everscale, a potential Layer 2 solution for Venom blockchain
“For us, this is a strategic investment aimed at the technological development of projects and teams around technologies that we focus on and actively develop. In particular, we are talking about the Venom blockchain project and its ecosystem, which is planned to be launched soon and for which Everscale is a potential Layer 2 solution.”
Venom Ventures Fund has announced it will invest $5 million in Everscale, a blockchain that aims to solve the scalability issues bogging down the Web3 industry.
The announcement follows the recent launch of the $1 billion venture fund, a partnership between ADGM-regulated investment manager Iceberg Capital and Venom Foundation, the first officially licensed and regulated Layer-1 blockchain operating within the Abu Dhabi Global Market (ADGM).
Led by Peter Knez, former Chief Investment Officer of BlackRock, VVF focuses on Web3 companies solving real-world problems.
This is the case with Everscale, which plans to use the $5 million to further expand its development teams and boost the number of projects as it works to bring the adoption of blockchain closer to real business use cases, namely digital asset tokenization platforms, a full framework for CBDCs and stablecoins and payment solutions with crypto to fiat gateways.
The investment will be in stages, based on the progress and cooperation indicators.
“Everscale to gain the recognition that it deserves”
Peter Knez, Chairman of VVF and ex-CIO of BlackRock, commented: “For us, this is a strategic investment aimed at the technological development of projects and teams around technologies that we focus on and actively develop. In particular, we are talking about the Venom blockchain project and its ecosystem, which is planned to be launched soon and for which Everscale is a potential Layer 2 solution.”
Designed as a network of blockchains, Venom has no limit to the number of other auxiliary networks at the Layer 2 level and no limit to the economy type or operation at the Layer 2.
Moon Young Lee, Everscale Foundation Board Member, said: “This is a milestone for both the Everscale and Venom networks. The technological capabilities of Everscale are immense but they have been underappreciated by a wider audience. Now, Everscale will be able to operate as an experimental network where updates and complex technical solutions can be introduced before they are brought to Venom. This investment will allow Everscale to gain the recognition that it deserves.”
Over the past two years, Everscale has been working on expanding its reach and integrating its technology solutions in Asian countries, while also building a strong community.
It is considered a practical option for creating large-scale Web3 and other types of applications due to its dynamic sharding technology, which enables it to efficiently adapt to varying workloads.